Cape May, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Cape May, NJ Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Cape May Housing Market Information

With 3,514 people, 1,409 houses or apartments, and a median cost of homes of $614,027, Cape May house prices are not only among the most expensive in New Jersey, Cape May real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Cape May, accounting for 43.06% of the city's housing units. Other types of housing that are prevalent in Cape May include row houses and other attached homes ( 24.26%), large apartment complexes or high rise apartments ( 19.79%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 12.89%).

People in Cape May primarily live in small (one, two or no bedroom) single-family detached homes. Cape May has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Cape May built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cape May built before 1939 ( 27.50%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.87%). There's also some housing in Cape May built between 2000 and later ( 8.82%).

A decent proportion of the Cape May housing stock is seasonally occupied. That is, homes and condos in Cape May are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Cape May housing market speaks to its popularity as a vacation location of choice.

Cape May Home Appreciation Rates

Cape May's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Cape May during the period has been just -2.01%, which is lower than 80% of US communities.

Over the last year, Cape May appreciation rates have trailed the rest of the nation. In the last twelve months, Cape May's appreciation rate has been 1.47%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cape May were at -3.51%, which equates to an annual appreciation rate of -13.30%.

Notably, Cape May's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Cape May's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cape May differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cape May - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cape May real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$614,027

Cape May, NJ HOME PRICES

Value Range
> $1,033,000 14.8
$774,001 - $1,033,000 16.4
$517,001 - $774,000 26.2
$413,001 - $517,000 12.6
$310,001 - $413,000 22.3
$207,001 - $310,000 5.7
$103,001 - $207,000 1.2
$52,001 - $103,000 0.0
$0 - $52,000 0.8

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
3.71498886675261 15.0406504065041

Number Of Homes And Apartments:
1,409

Cape May Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
75.13% 3.30% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,365 / per month

Homeownership Rate

Homeownership
Owners 50.54
Renters 49.46
Vacant 66.68

Housing Market Details

 

Age of Homes

AGE OF Cape May HOMES
2000 or Newer 8.8
1970 - 1999 44.8
1940 - 1969 18.9
1939 or Older 27.5

Types of Homes

TYPE OF Cape May HOMES
Single-Family 43.1
Townhomes 24.3
Small Apt. Buildings 12.9
Apt. Complexes 19.8
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Cape May HOMES
No Bedroom 5.58
1 Bedroom 11.42
2 Bedrooms 27.86
3 Bedrooms 27.50
4 Bedrooms 13.01
5 or more bedrooms 14.64